Sovereign Trust Insurance (STI) plc has reiterated its commitment to advancing the patronage of insurance business in the country, stating that efforts must be geared at enforcing compliance on compulsory insurances.
Wale Onaolapo, managing director/CEO of Sovereign Trust Insurance plc, who made the call at the just concluded CEOs retreat of the Nigerian Council of Registered Insurance Brokers, NCRIB, held in Benin City, Edo State said importance of insurance in improving the lives of the citizens cannot be over emphasised.
Onaolapo who was represented by the Samuel Ogbodu, executive director/COO said the insurance brokers have big role to play in deepening insurance, given its role as intermediary and adviser to the consumers.
Onaolapo thanked the Executive members of NCRIB for granting the company the singular privilege as the Corporate Host of the CEOs Retreat. “we are indeed delighted by this show of fellowship and are pleased to be associated with the Nigerian Council of Registered Insurance Brokers and what it represents in the larger society.”
He harped on the fact that the Nigerian Council of Registered Insurance Brokers is obviously a reckoning force in the Insurance Industry in the country and that Sovereign Trust is ever open to partnering with NCRIB on any initiative that will engender the growth of insurance business in Nigeria and beyond.
“The underwriting firm seized the opportunity to acquaint the leadership of the broking community of the success it recorded with the Rights Issue as it was able to raise over N700M, (Seven Hundred Million Naira) at the end of the exercise, a feat most capital market analysts have described as very encouraging considering the fact that the offer took place at a period when there was so much scepticism and apprehension in the economy.
He reiterated that the objective of shoring up the capital base of the organization is in line with the Management’s strategic intent of continuously upgrading the capital base of the company, whilst maintaining international competitiveness especially in the area of Oil and Gas and as well, support future growth of the organization.
Onoalpo affirmed that the company’s ambition of being amongst the top five insurance companies in the country is without compromise.
We will continue to work at it, learn from our challenges with a view to attaining our desired objective of being amongst the top players in the industry”. We are poised more than ever before to take on the big ticket accounts and we are very much counting on your patronage in this regard, he further urged the brokers.
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